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Acrysil Ltd *The Big Opportunity*
:Monopoly play, Ready to Expand its Wings
Market Cap : 420 cr
CMP : 157
Sales : 259 cr
PEG : 0.81
:Monopoly play, Ready to Expand its Wings
Market Cap : 420 cr
CMP : 157
Sales : 259 cr
PEG : 0.81
About Acrysil
:Acrysil is the pioneer in composite Quartz Technology in India and is one of the largest producers of quartz kitchen sinks in the world
Acrysil Brands
:Carysil
:Sternhagen
:Tek Carysil
:Homestyle Products (UK)
:Acrysil is the pioneer in composite Quartz Technology in India and is one of the largest producers of quartz kitchen sinks in the world
Acrysil Brands
:Carysil
:Sternhagen
:Tek Carysil
:Homestyle Products (UK)
Product Segment
1.Quartz Sink
2.Stainless Steel Sinks
Press
Quadro
3.Tiles (3D)
4.Bathroom Sanitary
http://5.Kitchen Appliances
Chimney
Oven
Wine Chillers
1.Quartz Sink
2.Stainless Steel Sinks
Press
Quadro
3.Tiles (3D)
4.Bathroom Sanitary
http://5.Kitchen Appliances
Chimney
Oven
Wine Chillers
Kitchen Sinks : Growth of Indian Household
:Acrysil has amped up its production capacity of quartz sinks as per the growing demands of the consumers and to benefit from the economies of scale
:Capacity now stands at 5 lakh sinks p.a in FY20
:Acrysil has amped up its production capacity of quartz sinks as per the growing demands of the consumers and to benefit from the economies of scale
:Capacity now stands at 5 lakh sinks p.a in FY20
Kitchen Sinks (Contd)
Growth Potential
:Huge uprise in market share of Quartz sink from Stainless steel which is produced by only 4 players in world
:Domestically increasing trend in per capita spend in these products
:Rise of nuclear families in India
Growth Potential
:Huge uprise in market share of Quartz sink from Stainless steel which is produced by only 4 players in world
:Domestically increasing trend in per capita spend in these products
:Rise of nuclear families in India
Sternhagen *Premium Brand*
:With distribution network of Acrysil domestically as well as in international markets, they will leverage that for Sternhagen aiming to make it most favored brand in luxury bathroom suites segment
:Sternhagen being a premium brand has pricing power
:With distribution network of Acrysil domestically as well as in international markets, they will leverage that for Sternhagen aiming to make it most favored brand in luxury bathroom suites segment
:Sternhagen being a premium brand has pricing power
Domestic Market: Strengthening the Carysil Brand
:Revenue from domestic market
FY 12 : 5%
FY 20 : 21%
:Revenue from domestic market
FY 12 : 5%
FY 20 : 21%
Global Play
:Acrysil Exports to 55 countries at present and plans to export to 70+ countries in coming 3 years
:Acrysil holds 100% in Homestyle Products through Acrysil UK Ltd
:Acrysil incorporated “Acrysil USA Inc” with intent to expand in their presence in USA
:Acrysil Exports to 55 countries at present and plans to export to 70+ countries in coming 3 years
:Acrysil holds 100% in Homestyle Products through Acrysil UK Ltd
:Acrysil incorporated “Acrysil USA Inc” with intent to expand in their presence in USA
Global Partnership
:Acrysil signed an agreement with German leading brand GROHE for supply of quartz kitchen sinks
:Acrysil entered strategic partnership with IKEA for manufacturing and supply of composite quartz sinks, which can generate additional revenue upto 45cr
:Acrysil signed an agreement with German leading brand GROHE for supply of quartz kitchen sinks
:Acrysil entered strategic partnership with IKEA for manufacturing and supply of composite quartz sinks, which can generate additional revenue upto 45cr
Financials
Sales growth 3y CAGR : 15%
Profit growth 3y CAGR : 42%
EBITDA Margin
H1 FY20 : 17.6%
H1 FY21 : 20.8%
Product wise revenue
Quartz sinks : 78%
Steel sinks : 13%
Other Appliances : 8%
Dividend Policy : 15% of net profit
Sales growth 3y CAGR : 15%
Profit growth 3y CAGR : 42%
EBITDA Margin
H1 FY20 : 17.6%
H1 FY21 : 20.8%
Product wise revenue
Quartz sinks : 78%
Steel sinks : 13%
Other Appliances : 8%
Dividend Policy : 15% of net profit
Valuations *Candidate for Earning Expansion & PE Rerating*
PEG : 0.81
PE : 16.6
EV/EBIT
Acrysil : 11.57
Cera : 32.83
Kajaria ceramics : 36.95
SHIL : 21.83
PEG : 0.81
PE : 16.6
EV/EBIT
Acrysil : 11.57
Cera : 32.83
Kajaria ceramics : 36.95
SHIL : 21.83
Future Outlook
:Debt reduction
:Improve working capital days
:Reduction in Inventory turnover days
:CAPEX for additional 1,00,000 quartz sink production by March 2021
:Planning to export to 20 newer countries in next 3 years
:Debt reduction
:Improve working capital days
:Reduction in Inventory turnover days
:CAPEX for additional 1,00,000 quartz sink production by March 2021
:Planning to export to 20 newer countries in next 3 years
Please Note
:Long way to go, Don't rush in at once.
Disc - Invested.
:Long way to go, Don't rush in at once.
Disc - Invested.
